Brutal day yesterday if you were a spread trader. So it just happens that the day before I thought we would hang around those levels in Euribor spreads, but just the next day we broke those levels and continued lower and lower. Ted spread which is Euribor vs Schatz has been in a 8 tick range for 2 months broke out in a massive way yesterday to the downside, pretty much wiping out all those who are mean reversion traders.
If Greece turns out to be the next Lehman style collapse, then we are going to be in for some serious volatility. Right now I don't want to try predict whats going to happen next more to just react on it.
As for the portfolio I guess I'm lucky I've only got two positions open, but I'm probably going to get out MXIM today or tomorrow as its been a bad trade from the start. As for BIDU, just going to hold that one.
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